My Takeaways For Operators From The NYU Hospitality Investment Conference

My Takeaways For Operators From The NYU Hospitality Investment Conference - Josiah Mackenzie

Show Notes

In this episode, Josiah Mackenzie shares his thoughts and reflections on the 2024 NYU International Hospitality Industry Investment Conference, covering:

The Importance of Capital in Hospitality (0:43) - why staying close to the world of owners and investors is crucial for operational success.
Current State of the Lodging Economy (1:15) - an overview of the U.S. lodging and travel economy, including STR's downgraded outlook and the split impact on different chain scales.
Geopolitical Risks and Recession Fears (2:07) - top concerns for CEOs and leaders in the industry, based on Ernst & Young's market research.
Operational Innovation from Smaller Margins (3:01) - how pressure from owners and investors can lead to reimagining business and operating models.
The Role of Technology and Gen AI (4:06) - how new technologies like Gen AI can help rethink operational models and improve margins.
Expanding Hospitality Beyond Hotels (4:48) - the potential of applying hospitality principles to other types of real estate and mixed-use developments.
Building a Strong Customer Base (5:10) - the importance of providing a differentiated experience and cultivating loyal customers, supported by technology and first-party data.
Opportunities in Group Business (6:13) - the emerging demand for group business, especially among small and medium enterprises, and how to cater to this segment.
AI in Hospitality (8:09) - the various applications of AI in hospitality, from revenue management to personalized training, and the realistic expectations of its impact.
Personal Performance Evaluation Using AI (11:10) - how AI can be used as a tool for personal and professional development, acting as a coach or advisor to improve effectiveness.

Resources:

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This episode is brought to you with support from Sojern. I teamed up with Sojern to study how hoteliers use data to drive revenue and build stronger guest relationships. You can see what we found in this research report: How Hotel Brands Are Using First-Party Data to Drive Revenue & Build Stronger Relationships.

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Music by Clay Bassford of Bespoke Sound: Music Identity Design for Hospitality Brands